Global Trends, Top Nations, and Regulatory Insights: Crypto Adoption Report for March 2024
The surge in crypto adoption in developing countries has reached an all-time high since 2022. Latin America, Africa, and Asia are among the regions experiencing particularly high rates of adoption. In March 2024, Forbes highlighted a significant shift in the crypto market following a dip in the macroeconomic phase in 2023. Bitcoin reached a high of $45,208 at the beginning of 2024, and the market reached $1.74 trillion on January 3, 2024. With Bitcoin now surpassing $70,000, its all-time high, the adoption of cryptocurrencies is also being positively impacted.
In this report by Coinpedia, we will provide essential insights into cryptocurrency adoption in March 2024 and examine how the market has grown in the past month.
Analysis of Crypto Adoption in March
According to the Crypto Market Sizing Report by Crypto.com, global crypto ownership increased by 34% in 2023. Ethereum ownership saw a 39% increase, while Bitcoin users increased by 33%. With Bitcoin reaching an all-time high of $70,000 on March 8, 2024, crypto enthusiasts closely monitored its movement. This surge in Bitcoin’s value has influenced the rate of crypto adoption, and many countries have taken a flexible stance towards adopting cryptocurrencies.
Here are the top five nations with the highest cryptocurrency adoption in March 2024:
India:
Percentage of the population that owns crypto: 6.55%
India leads the world in terms of cryptocurrency adoption rate. According to a recent report by Chainalysis, India topped the crypto adoption index in 2023. The country’s thriving IT industry and enthusiastic youth are significant factors behind the high adoption rate in 2024.
China:
Percentage of the population that owns crypto: 4.15%
Approximately 5.5% of China’s population owned crypto in 2023. In 2024, China experienced positive crypto adoption due to advancements in cryptocurrency technology.
United States:
Percentage of the population that owns crypto: 15.56%
The United States ranks third in terms of crypto adoption rate, with most crypto owners falling within the 18-34 age bracket. Despite regulatory challenges, the adoption rate continues to climb.
Brazil:
Number of people that own crypto: 25,955,176
Brazil ranks fourth on the list, known for being one of the most crypto-friendly countries in the world. Favorable crypto regulations have created an environment conducive to the growth of digital currencies.
Vietnam:
Number of people that own crypto: 20,945,706
Vietnam secures the fifth spot on the list due to its crypto-friendly environment, especially among individuals aged 18-34.
Important Crypto Regulations in March 2024
Here is a roundup of crypto regulations in March 2024:
Hong Kong:
The city has become one of the most crypto-friendly places for cryptocurrency companies as Beijing cracks down on the industry. The Securities and Futures Commission (SFC) plans to introduce new laws targeting over 450 shops, ATMs, and websites providing cryptocurrency services.
The United States:
The Financial Crimes Enforcement Network (FCEE) of the Treasury Department has intensified its battle against money laundering. These efforts will now extend to more than 17,000 state-registered advisors who were previously not required to disclose such events. These advisors must implement anti-money laundering and counterterrorism financing compliance programs, file activity reports with FinCEN, and promote information sharing with law enforcement agencies.
Australia:
ASIC announced a deeper focus on companies engaged in predatory lending. The agency has sent letters to over 30 large lenders, urging them to comply with the law and provide appropriate support to customers in hardship. ASIC has also filed lawsuits against some of these companies, seeking financial compensation.
Taiwan:
The Taiwan Financial Supervisory Commission (TFSC) plans to allow active ETFs in the city, following the footsteps of Singapore and Japan. Taiwan has seen a significant increase in the total valuation of all ETFs, surpassing $3.8 trillion in the past 12 months.
Indonesia:
Indonesia’s financial services regulator, OJK, has introduced new regulations to promote technological innovation in the financial sector, including the crypto industry. These regulations will take effect from January 2025 and provide guidelines for banks, insurance companies, and other financial industry players to innovate with new technologies while ensuring consumer protection.
United Kingdom:
The UK’s rules for financial promotions now include social media influencers and crypto memes. Crypto companies must include clear risk warnings on their websites and communications and provide first-time buyers with a 24-hour cooling-off period before finalizing purchases.
Japan:
Japan’s Ministry of Economy, Trade and Industry has proposed allowing investment-limited partnerships to acquire and hold crypto-assets. This proposal aims to legitimize the use of crypto assets in institutional investment strategies and the global asset space.
Adoption by Cities
One notable addition to the list is Torrevieja, a tourist hub in Spain with a population of 82,000. The city aims to become “the first crypto-friendly city in Europe” by allowing its stores to accept cryptocurrencies. The local government and businesses are collaborating on a digital transformation project using blockchain technology, leading to the establishment of the first European crypto-friendly city in 2024.
Cryptocurrency Ownership Pattern (Gender)
Recent data on cryptocurrency ownership reveals that there are over 420 million digital currency users worldwide. Of these, 37% are women, totaling nearly 155 million. Asia accounts for the highest number of digital currency investors, with India leading at 93 million, followed by Vietnam.
In Vietnam, approximately 12 million female cryptocurrency owners represent 24% of the female population. The Philippines ranks second with 9.6% of female cryptocurrency owners, totaling over 5.5 million. India ranks third in terms of the percentage of women owning cryptocurrency but leads globally in sheer numbers, with 63 million women owning cryptocurrency in 2024.
Conclusion
The cryptocurrency realm continues to expand rapidly, with cities, states, companies, and individuals embracing this new asset class. The adoption rate of cryptocurrencies is expected to continue booming in 2024 as more entities and individuals adapt to this transformative technology.
Tags: Crypto Regulations, Monthly Report